Hearing Healthcare Business Development Strategy

You want to develop your business, what do you need to consider?

By Geoffrey Cooling

Business development, another hot topic in our profession. The application of best practice to our business, be that clinical or commercial best practice. I have been fortunate enough to have the opportunity to shape and develop several business in my tenure at Widex. For some reason some people seem to think that my ramblings, thoughts and advice have value.

To those people I am eternally grateful for the opportunity to shape my thinking through application. In order to assist the businesses that placed their trust in me, I devised a process to follow. This process was designed to assess current business practices, outline discussions on those practices and practices I thought had value and finally outline a strategy to move forward.

Initially I would send a document to the business that covered outline frames for discussions on the following:

 


  • Practice management strategy

     


  •  


  • Tactical use of practice management software

     


  • Data entry rules for practice management software

     


  • Branding of a Practice

     


  • Refurbishment of a Practice

     


  • Leveraging display for profile

     


  • The Patient Journey

     


  • Tactical deployment of the Patient Journey

     


  • Maximising Patient Retention & Referral

     


  • Ongoing Consultation Auditing

     


  • Ongoing product training

     


  • Upselling strategy

     


  • Increased ancillary revenue

     


  • Loyalty Club deployment

     


  • Possible use of a Practice newsletter

     


  • Twelve month Marketing Strategy

 

I think that these are important headers under which we can assess business practices as they are currently applied to a hearing healthcare business. They also keep in mind processes and procedures that are accepted as best practice for a hearing healthcare business.

 

I have detailed some of the headers below with some expansion of parameters for assessment ;  

 

Strategic use of your practice management software

 

With reference to your strategic goals, we need to discuss a policy for data entry on your practice management software to ensure maximum efficiency of filter searches and automated processes that you may set up.

Tactical use of your practice management software

 

Again pertaining to your strategic goals, we need to discuss a policy for the tactical use of your practice management software utilizing the full power of the programme to realise those goals. This policy would include Patient Journey, one month letters to TNSs, one year letters to TNS, letters to prospect contacts, follow up letters to prospect contacts. Integration of your loyalty programme, communications for the loyalty programme.

 

Data entry rules for your practice management software

 

Data entry rules are inherent to your success and need much thought, without them your entire strategy is at risk.

The Patient Journey

 

A Patient journey covers every touchpoint with your Practice that you expect a Patient to have under normal circumstances. This needs to be assessed and set in stone This will allow you to plan all Patient communications, scheduling and assess cost of delivery.

Tactical deployment of the Patient Journey

 

This pertains to the automation of communication processes in reference to the Patient. Again this relates to your practice management software policies.

Maximizing Patient Retention & Referral

 

We need to discuss a way to pull all the strands together to maximize your Patient retention; this would include many elements of your practice.

Increased Ancillary Revenue

 

I think we should look at formalizing a strategy to increase your ancillary revenue, I also think that once this is done we should set out a policy that will allow us to deploy the strategy.

Loyalty Club Deployment

 

We need to discuss further the strategic goals of a loyalty club and how it can be deployed to maximize ancillary revenue, Patient retention and referral.

These set the frames of reference for the conversations I have, I hope you find them useful for self assessment of your business.

Regards

Geoff

Enhanced by Zemanta

About Geoffrey Cooling

my name is Geoffrey Cooling and I am the author here at Just Audiology Stuff. I have been involved in the Hearing Healthcare Profession for several years now. I initially worked as a Hearing Healthcare Professional for a large national retailer in Ireland. After several years in Practice I was approached to work for a manufacturer, where I was employed for five years. I am now the Co Founder of a business called Audiology Engine. We design websites, undertake content marketing and generally look after everything digital for audiological practices. I am also a contributor to many hearing profession periodicals and websites. I have written two commercially available books, The Little Book of Hearing Aids which is written for hearing aid consumers and Audiology Marketing in a Digital World which is written for Audiology Practice Owners. They are both available in Paperback and Kindle versions on Amazon. I also write for consumers on the website Hearing Aid Know, which is a website with the mission of demystifying hearing aids, their types and their technology. I have a great interest in commercial strategy as it applies to Healthcare in general and specifically to Hearing Healthcare. I also have a great interest in the psychology of sales and human interaction. I have been involved with social media for some time, both personally and professionally. I find the engagement and discourse on some social media channels fascinating. I instituted social media strategy for the company I worked for as an experiment. That experiment soon spread throughout the company and I am proud to say that the company is probably one of the most active in the industry. I would like to point out that all views, opinions and thoughts here are mine own. Unless of course they have been planted by the pod people, you just can’t take your eyes off the pod people. Those views do not necessarily reflect upon any views or opinions held by my employer, if I ever get another one. I think that our industry is in the middle of a time of huge change, I think that the change will be forced by both internal and external pressure. I think that private Independent Healthcare Practices will have to be smart and lithe of feet in order to meet these changes. I hope that some of my blatherings are of benefit to those Practices, Independent Hearing Healthcare Practices need to survive. I believe that if that occurs it will be of real benefit to Patients. I hope that I, and my writings will play a small part in their continued success.

2 Comments

  1. Hey Geoffrey,
    As usual a nice post. Good resume about the basic points. I wonder if you forgot about the Marketing Strategy.
    Anyway, I think we should never forget about Time Management, Fun, The difference between selling a product and selling a service and the upcoming importance about Social Media and Client Feedback.
    😉 Always nice to read your posts.

Let me know what you think